My husband and I have a good friend who is single. He inherited a 3br 2 bath home from his parents on their passing. He is in his late 40’s, has trouble keeping steady employement, and is always struggling with money.
I suggested he might want to consider selling his 2000+ sq ft home and downsize to somthing half the size. I told him if he does it right he should make at least a small profit off of the sale of his current home, after purchasing a smaller home. I told him this should also result in a reduction in utility costs, property taxes, insurance, as well as having a smaller home to maintain.
Was I wrong in telling him this? If so what would be a better solution to help him get his debt paid off and get to a more stable place (besides steady employement)
Based on what you shared I think you gave great advice. The spotty employment history leaves me worried about his financial commitments. The smaller, the better moving forward I think.
Even renting is a reasonable idea for now. At least with a managed rental he would not have to worry about upkeep and repairs.
You sound like a really terrific friend.
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